Realist
United States of America#2Consumer Comment
Thu, April 08, 2010
What do you expect to happen when you take out a secured loan with your house as collateral and don't pay? Just because the debt was discharded in bankruptcy (your personal liability was removed), the lien is still attached to the property (the security interest), and the lender (or subsequent owner) will eventually foreclose on the house. If you try to sell or refinance, the lien wil have to be paid in order to clear the title. RTR is not a collection agency. They buy and sell loans that are either too small for traditional lenders to fool with, or there is no equity in the security now. And they will wait as long as it takes until there is enough equity to recover the loan from the property.